Sherman Antitrust Act

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The Sherman Antitrust Act is a federal law signed by President Benjamin Harrison (R) on July 2, 1890, that banned trusts and monopolies in industry, authorizing the federal government to dissolve trusts and break up monopolies as part of its power to regulate interstate commerce. It was the first modern American antitrust law and laid the foundation for Presidents Theodore Roosevelt and William Howard Taft's attempts to break up large industrial trusts.[1]

Background

The Sherman Antitrust Act was signed into law by President Benjamin Harrison in 1890. It was sponsored by Senator John Sherman (R-Ohio) and came in response to public concerns over the increasing prevalence of trusts and their power to artificially increase prices and discourage competition.[1]

Provisions

Ban on Trusts

Section 1 of the act banned all industrial trusts.

“ Every contract, combination in the form of trust or other- wise, or conspiracy, in restraint of trade or commerce among the several States, or with foreign nations, is hereby declared to be illegal.[1][2] ”


Section 2 contained a similar ban on monopolies, specifically ones that did not occur naturally and were instead the result of anti-competitive practices.

“ Every person who shall monopolize, or attempt to monopolize, or combine or conspire with any other person or persons, to monopolize any part of the trade or commerce among the several States, or with foreign nations, shall be deemed guilty of a misdemeanor...[1][2] ”

Enforcement

Like the Interstate Commerce Act of 1887, the Sherman Antitrust Act relied on the federal circuit courts for its enforcement. If a violation occurred, a federal district attorney could initiate proceedings in equity, which could result in a temporary restraining order, an injunction, or the dismantling of a trust.[1]

Section 6 of the act held that any property held by a trust or organization that violated Section 1 could be seized by the federal government after forfeiture proceedings.[1]

Section 7 gave standing to sue for damages in a circuit court to any person or corporation injured in their "business or property" by any entity that violated Section 1.[1]

Amending statutes

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Below is a partial list of subsequent laws that amended provisions of the Sherman Antitrust Act:

  • Clayton Antitrust Act of 1914 expanded on the Sherman Antitrust Act and added new provisions and enforcement schemes.[3]

See also

External links

Footnotes

  1. ↑ 1.0 1.1 1.2 1.3 1.4 1.5 1.6 National Archives, "Sherman Anti-Trust Act (1890)," accessed November 23, 2022
  2. ↑ 2.0 2.1 Note: This text is quoted verbatim from the original source. Any inconsistencies are attributable to the original source.
  3. ↑ History.House.gov, "The Clayton Antitrust Act," accessed January 2, 2018
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